National Rural Utilities CFC (NRUC) issues $500,000 note due 2030 at 3.96%

Rhea-AI Filing Summary

National Rural Utilities Cooperative Finance Corporation priced a medium-term note offering. The pricing supplement shows a $500,000.00 principal amount of Series D medium-term notes issued at 100% of principal, with an original issue date of March 18, 2026 and maturity on March 15, 2030.

The notes carry an interest rate of 3.96% per annum with semiannual interest payment dates on January 15 and July 15, and regular record dates each January 1 and July 1. The pricing supplement lists no agents' commission and no scheduled redemption date.

Insights

Debt Capital Markets Analyst

Medium-term debt issued: modest single-note placement at a fixed 3.96%.

The offering documents a $500,000 Series D note issued at par with a March 15, 2030 maturity and semiannual coupons. The terms are straightforward fixed-rate debt for the stated tenor.

Cash-flow treatment and use of proceeds are not stated in the provided excerpt; subsequent disclosures may show the financing purpose or placement context.

Securities/Corporate Counsel

Legal opinion confirms notes will be valid obligations subject to insolvency and equitable principles.

Counsel from Hogan Lovells US LLP opines that issuance and delivery upon receipt of consideration will render the notes valid and binding, subject to bankruptcy, insolvency, and equitable defenses and applicable District of Columbia and New York law.

The opinion is conditioned on board resolutions and proper execution under the indenture and applicable distribution agreements; qualifying language such as bankruptcy and equitable defenses appears verbatim in the excerpt.

AI-generated analysis. How Rhea-AI works. Not financial advice.

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Accepted by SEC EDGAR 03/16/2026 - 02:11 PM Learn about SEC filing dates

FAQ

What did NRUC (NRUC) price in this pricing supplement?

NRUC priced a $500,000 Series D medium-term note issued at 100% of principal. The note carries a 3.96% per annum fixed interest rate with semiannual payments on January 15 and July 15.

When do the NRUC Series D notes mature and when were they issued?

The notes have an original issue date of March 18, 2026 and mature on March 15, 2030. Interest is paid semiannually with record dates on January 1 and July 1.

Does the pricing supplement show any agents' commission or redemption provisions?

The pricing supplement lists no agents' commission and specifies no redemption date in the excerpt. Redemption terms and commissions are therefore not included in this excerpt.

What legal assurances accompany the issuance of the NRUC notes?

Hogan Lovells US LLP provides an opinion that the notes will be valid obligations upon payment and proper issuance, subject to bankruptcy, insolvency laws and equitable defenses under D.C. and New York law.

Rule 424 (b) (3)

Registration No.: 333-275151

NATIONAL RURAL UTILITIES COOPERATIVE FINANCE CORPORATION

Medium-Term Notes, Series D

Due Nine Months or More from Date of Issue

Trade Date			March 13, 2026
Pricing Supplement No.			10519
Pricing Supplement Date			March 13, 2026
Prospectus Supplement Date			October 27, 2023
Base Prospectus Date			October 24, 2023
Principal Amount			$500,000.00
Issue Price			100% of Principal Amount
Original Issue Date			March 18, 2026
Maturity Date			March 15, 2030
Interest Rate			3.96% per annum
Regular Record Dates			Each January 1 and July 1
Interest Payment Dates			Each January 15 and July 15
Redemption Date			None
Agents Commission			None
Form of Note: (Book-Entry or Certificated)			Certificated
Other Terms			None
Medium-Term Notes, Series D may be issued by the Company in an unlimited aggregate principal amount.

Validity of the Medium-Term Note

In the opinion of Hogan Lovells US LLP, as counsel to the Company, following (i) receipt by the Company of the consideration for the notes specified in applicable resolutions of the board of directors of the Company and (ii) the due execution, authentication, issuance and delivery of the notes pursuant to the terms of the indenture and the applicable underwriting, agency or distribution agreement against payment therefor, the notes offered by this pricing supplement will constitute valid and binding obligations of the Company, subject to the effect of (a) bankruptcy, insolvency, reorganization, receivership, moratorium and other laws affecting creditors’ rights and remedies (including, without limitation, the effect of statutory and other law regarding fraudulent conveyances and fraudulent, preferential or voidable transfers), and (b) the exercise of judicial discretion and the application of principles of equity, good faith, fair dealing, reasonableness, conscionability and materiality (regardless of whether the applicable agreements are considered in a proceeding in equity or at law), including, without limitation, principles limiting the availability of specific performance and injunctive relief.

This opinion is based as to matters of law solely on applicable provisions of the following, as currently in effect: (i) the District of Columbia General Cooperative Association Act of 2010 and (ii) the laws of the State of New York (but not including any laws, statutes, ordinances, administrative decisions, rules or regulations of any political subdivision below the state level). In addition, this opinion is subject to customary assumptions about the trustee’s authorization, execution and delivery of the indenture and its authentication of the notes and the validity, binding nature and enforceability of the indenture with respect to the trustee, all as stated in the letter of such counsel dated October 27, 2023, which has been filed as an exhibit to a Current Report on Form 8-K by the Company on October 27, 2023.